Technical analysis

GBPUSD Wave Analysis 9 April, 2021

GBPUSD Wave Analysis 9 April, 2021

• GBPUSD reversed from key support level 1.3710

• Likely to rise to resistance level 1.3920

GBPUSD recently reversed up from the key support level 1.3710 (former resistance from January), strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the upward impulse from December.

The upward reversal from the support level 1.3710 created the daily candlesticks reversal pattern Doji.

GBPUSD is likely to rise further toward the next resistance level 1.3920 (top of the previous wave B).

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